The present invention is a DC-DC converter characterized by including a switch element that is provided between one end of a DC power source and one end of a load and turns ON and OFF current input from the DC power source, an inductance element that is provided between one end of the switch element on a load-side end and includes a doughnut-shaped magnetic core and a conductive wire wound around the magnetic core, a commutation switch provided between a node between the switch element and the inductance element and a ground potential, and a capacitance element provided between a node between the inductance element and the load and the ground potential, wherein a magnetic flux density of the magnetic core varies partially.